a la parte destinada a la cancelación

English translation: to the party that will cancel the debt

18:22 Apr 16, 2019
Spanish to English translations [PRO]
Bus/Financial - Insurance
Spanish term or phrase: a la parte destinada a la cancelación
An insurance policy that covers a company's debts to the bank if a key person (owner, CEO etc) therein dies. (Spain)

"En caso de pago de la prestación, a la parte destinada a la cancelación de las deudas con XXXXXXXX, no se aplica retención."

So no sum will be witheld, but from whom/what?

This is as near as I get...

"In case of payment of the benefit, no sum will be withheld from the amount (?) used in settlement of the sums owed to XXXXXXXX."

Not at all convinced though.
William Pairman
Spain
Local time: 10:17
English translation:to the party that will cancel the debt
Explanation:
They withheld from the party in charge of covering the debt.

Again, this is my interpretation.
Selected response from:

Cecilia Q Clare
United States
Local time: 05:17
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
4(no - CT - withholding) applies to the part intended to pay off
Adrian MM.
3to the party that will cancel the debt
Cecilia Q Clare


Discussion entries: 1





  

Answers


35 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
to the party that will cancel the debt


Explanation:
They withheld from the party in charge of covering the debt.

Again, this is my interpretation.

Cecilia Q Clare
United States
Local time: 05:17
Native speaker of: Spanish
PRO pts in category: 4
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
(no se aplica retención) a la parte destinada a la cancelación
(no - CT - withholding) applies to the part intended to pay off


Explanation:
,,, the debts (outstanding) with XXX.

CT = corporation tax and not called corporate tax in the UK vs. the US (La empresa tomadora sólo lo debe declarar en el Impuesto de Sociedades) cf- ACT = UK advance corporation tax payable of old.

It looks like the payer need not withhold tax from payment to the payee, but it's not a good idea to spell it out if not explicit in the wording.


    Reference: http://en.wikipedia.org/wiki/Withholding_tax
Adrian MM.
Austria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 24
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